(Bloomberg) -- Companies that use artificial intelligence to transform their business could be the next crop of firms to benefit from investors’ enthusiasm for the technology, according to a top JPMorgan Chase & Co. executive. 

Investors solely focusing on chipmakers or cloud computing providers that are facilitating the creation of new AI models is “not the right approach going forward,” said Caroline Pötsch-Hennig, who leads JPMorgan’s private bank in Germany. Instead, they should also look out for “the adopters” of the new technology, Pötsch-Hennig said at a Bloomberg New Voices event in Frankfurt.

Some of the companies behind the AI boom have seen massive share price increases in recent months, with Nvidia Corp. recently notching a $3 trillion market capitalization as investors’ excitement for the technology has grown. The server maker Super Micro Computer Inc. is the S&P 500 Index’s best performer so far this year.

Now, though, a growing number of investors are looking for other ways to bet on AI’s potential. For instance, JPMorgan has previously said that some trading clients are piling into commodities, anticipating that the infrastructure needed for the technology will bolster demand for energy and equipment.

Apple Inc. shares rose to a record earlier this week after it unveiled some long-awaited new artificial intelligence features. JPMorgan’s own Chief Executive Officer Jamie Dimon recently said AI has “unbelievable” potential for the banking industry as the technology gets deployed across functions like risk, fraud, marketing, and customer relations. 

“You need to look at the companies that have the balance sheet and have the cash to fund the technological innovation,” said Mirjam Staub-Bisang, who leads BlackRock Inc.’s business in Switzerland. “To do that investment today, you can reap the benefits for years from now.”

(Updates with previous comments from JPMorgan CEO in fifth paragraph)

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